Financial administration again answers questions about changes to tax depreciation

Even after months of the Income Tax Act’s amendment’s validity, the retroactive effect of the changes to tax depreciation has still not been fully clarified. For the third time, the financial administration has again updated the Q&A file on its…

Time test for tax exemption upon spouses’ community property settlements

The Coordination Committee of the General Financial Directorate (GFD) and the Chamber of Tax Advisers confirmed that the time test for the tax exemption of income from the sale of shares (ownership interests in a business corporation) shall not be…

Digital services tax approval on the horizon

After more than a one-year break, the government's bill on digital services tax has moved on to the next phase of the legislative process. The final third reading in the Chamber of Deputies, which will also vote on all motions to amend the bill made…

Summary of e-commerce changes (2021 VAT amendment)

From 1 July 2021, significant changes in VAT on the cross-border sale of goods over the internet enter into effect, concerning both sales within the EU and imports from third countries. The place of taxation will be the country of the recipient,…

VAT refunds post-Brexit

The General Financial Directorate has issued information on VAT refunds to UK entities after Brexit.

GFD explains new meal allowance rules

From 1 January 2021, employers may use a new form of meal contribution under the amendment to the Income Tax Act: the monetary meal allowance. The General Financial Directorate (GFD) issued information that answers some of the questions raised by…

Coordination Committee: Is compensation for unconsumed goods subject to VAT?

The Czech Chamber of Tax Advisors has come up with a proposal to unify the interpretation regarding the application of VAT in situations when the customer compensates the supplier for expenses incurred by the supplier for material unconsumed upon…

Amendment to VAT Act 2021: Goods from e-shops becoming more expensive?

From 1 July 2021, VAT will be collected on all import consignments regardless of their value. Thus, when purchasing goods from foreign e-shops, it will be necessary to consider, among other things, whether the product price includes or excludes VAT.…

2021 amendment to VAT Act: platforms and One-Stop-Shops

A draft amendment to the VAT Act, to enter into effect on 1 July 2021, introduces the deemed supplier concept for electronic interface operators (platforms). This concept should be applied when a platform facilitates certain distance sales of goods…

Information on ATAD – continued

In the March issue of our Tax and Legal Update, we commented on the General Financial Directorate’s Information on Measures Arising from the Implementation of the Anti-Tax Avoidance Directive (ATAD). This time we summarise information on the…

Financial administration’s response to queries regarding changes to tax depreciation

Extraordinary tax depreciation, adjusted limits for acquisition costs of tangible fixed assets or the cancellation of the intangible asset category are some of the most significant changes introduced by the January amendment to the Income Tax Act.…

GFD’s Information on ATAD

The General Financial Directorate (GFD) issued its Information on Measures Arising from the Implementation of the Anti-Tax Avoidance Directive (ATAD), clarifying certain practical issues associated with the restricted deductibility of excess…